Alphabet invests $1 billion in Lyft

Alphabet made a sizeable investment ride-hailing service Lyft. Investment arm of Google-parent Alphabet, CapitalG, announced a $1 billion funding round for Lyft. Alphabet's self-driving car unit, Waymo, confirmed earlier this year it would partner with Lyft on a self-driving car project Lyft's valuation is now $11 billion, which is still smaller than nearly $70 billion market leader Uber.